'Gunners' boss Unai Emery opted to field all of his big guns for the game and it was plain to see why early on as the hosts came flying out of the blocks early on, giving Liverpool right-back Trent Alexander-Arnold all kinds of problems.
Lacazette was the first to have a clear sight of goal as his flicked effort from Sead Kolasinac's low cross was well kept out by Alisson.
The Brazilian didn't cover himself in glory shortly afterwards as he came in search of a cross he was never getting to, but Henrikh Mkhitaryan could only flick his header wide with the goal gaping.
For all Arsenal's early threat it was Liverpool who put the ball in the net with 19 minutes on the clock, though it was chalked off for offside.
Milner found Roberto Firmino with a ball over the top and the Brazilian did well to get an effort away on the stretch, only for it to bounce back into play off the post. Sadio Mane was on hand to turn the ball home, but he was adjudged to have been offside, despite having been behind Firmino as he took aim.
Nevertheless, the goal did not stand, though Liverpool were next to threaten as Virgil van Dijk and Andy Robertson were denied by Bernd Leno in quick succession.
Arsenal wrestled control back as the half went on, but Pierre-Emerick Aubameyang and Lacazette failed to find the target when handed chances to take aim.
When Arsenal did find the net they were also denied by the offside flag, Shkodran Mustafi having got the timing of his run wrong as he headed Mesut Ozil's cross back into the mixer for Lacazette to convert from close range.
An error from Leno almost handed Liverpool the lead against the run of play on the stroke of half-time, but his blushes were spared as van Dijk's header hit the post and was scrambled away after the German was caught in no-man's land.
That saw the two sides go in level at the break, but it was the hosts who started better once again in the second period, something which should perhaps not have come as a major surprise given their impressive second-half performances under Emery so far this term.
However, that spell of pressure proved insufficient as the visitors snatched the lead with an hour played.
Sadio Mane's cross from the left was bungled by Leno, who could only parry it into the path of Milner on the edge of the box, with the Liverpool skipper making no mistake from the edge of the box.
Lucas Torreira called Alisson into a save just minutes after that goal, before the home side started to take more and more risks as time ticked away.
Liverpool had chances to make the game safe, the best coming as van Dijk was left completely unmarked to meet a left-wing corner, only for the Dutchman to head straight down the throat of Leno.
That miss proved costly as Arsenal found a leveler with less than 10 minutes to go, Lacazette evading the onrushing Alisson and firing home on the spin after being picked out by a lovely pass from Alex Iwobi.
The hosts looked the more likely to claim the win late on, but both sides were made to do with a point in the end.
The draw maintained Liverpool's unbeaten record and sent them top overnight, but they missed the chance to pile the pressure on Manchester City ahead of their game on Sunday.
Arsenal, meanwhile, showed that they can compete with one of the favourites for the title as they continued their strong recent form.
November 3, 2018